Stephens Raises Prosperity Bancshares (NYSE:PB) Price Target to $94.00

Prosperity Bancshares (NYSE:PB) had its target price boosted by equities researchers at Stephens from $93.00 to $94.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Stephens’ price target suggests a potential upside of 17.56% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. UBS Group decreased their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Barclays upped their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Raymond James increased their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.88.

Prosperity Bancshares Price Performance

Shares of PB opened at $79.96 on Thursday. The firm has a market capitalization of $7.62 billion, a PE ratio of 15.80, a PEG ratio of 1.12 and a beta of 0.93. The company’s 50-day moving average is $78.68 and its 200-day moving average is $75.07. Prosperity Bancshares has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.68%. Analysts predict that Prosperity Bancshares will post 5.78 earnings per share for the current fiscal year.

Insider Transactions at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $79.92, for a total transaction of $39,960.00. Following the completion of the transaction, the director now owns 107,815 shares of the company’s stock, valued at approximately $8,616,574.80. This trade represents a 0.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,100 shares of company stock valued at $1,236,104. 4.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PB. Point72 Asset Management L.P. bought a new position in Prosperity Bancshares during the 3rd quarter worth approximately $16,478,000. Jane Street Group LLC raised its holdings in Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after purchasing an additional 90,015 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in Prosperity Bancshares during the 4th quarter worth approximately $5,463,000. Los Angeles Capital Management LLC bought a new position in Prosperity Bancshares during the 3rd quarter worth approximately $4,804,000. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock worth $67,002,000 after buying an additional 53,654 shares during the period. Institutional investors own 80.69% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.